a$.$ The company's single product is purchased for $$20$ per unit and resold for $$56$ per unit. The inventory level of $4,750$ units on December $31$ is more than management's desired level, which is $20\%$ of the next month's budgeted sales units. Budgeted sales are January, $7,000$ units; February, $8,750$ units; March, $10,750$ units; and April, $9,000$ units. All sales are on credit b$.$ Cash receipts from sales are budgeted as follows: January, $$242,600$; February, $$720,360$; March, $$499,590$ c$.$ Cash payments for merchandise purchases are budgeted as follows: January$$70,000$; February, $$321,000$March, $$100,600$ d$.$ Sales commissions equal to $20\%$ of sales dollars are paid each month. Sales salaries $($excluding commissions$)$ are $$6,500$ per month. e$.$ General and administrative salaries are $$11,000$ per month. Maintenance expense equals $$1,800$ per month and is paid in cash. f $.$ New equipment purchases are budgeted as follows: January, $$38,400$ February$$93,600$; and March, $ $24,000.$ Budgeted depreciation expense is January, $ $6,275$ ; February$$7,250$; and March, $$7,500..$ The company budgets a land purchase at the end of March at a cost of $ $150,000,$ which will be paid with cash on the last day of the month. h $.$ The company has an agreement with its bank to obtain additional loans as needed. The interest rate is $1\%$ per month and interest is paid at each month$-$end based on the beginning$-$month balance. Partial or full payments on these loans are made on the last day of the month. The company maintains a minimum ending cash balance of $$21,500$ at the end of each month $.$ i $.$ The income tax rate for the company is $35\%$Income taxes on the first quarter's income will not be paid until April $15.$